Advisory Services Network LLC Trims Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan logo Advisory Services Network LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX [1] – Free Report [2]) by 13.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,488 shares of the natural resource company’s stock after selling 9,820 shares during the period. Advisory Services Network LLC’s holdings in Freeport-McMoRan were worth £3,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its position in Freeport-McMoRan by 4.7% during the third quarter. Integrated Advisors Network LLC now owns 11,415 shares of the natural resource company’s stock valued at £426,000 after acquiring an additional 514 shares in the last quarter.

Comerica Bank grew its stake in shares of Freeport-McMoRan by 51.7% during the 3rd quarter. Comerica Bank now owns 307,096 shares of the natural resource company’s stock worth £11,452,000 after purchasing an additional 104,658 shares during the period. Graham Capital Management L.P. purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at approximately £335,000.

Public Sector Pension Investment Board lifted its stake in shares of Freeport-McMoRan by 11.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 153,567 shares of the natural resource company’s stock valued at £5,727,000 after purchasing an additional 16,322 shares during the period. Finally, EP Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 52.2% during the third quarter.

EP Wealth Advisors LLC now owns 18,117 shares of the natural resource company’s stock worth £676,000 after buying an additional 6,213 shares in the last quarter.

80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Raymond James lifted their price objective on shares of Freeport-McMoRan from £49.50 to £54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Bernstein Bank increased their price target on Freeport-McMoRan from £52.00 to £52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd.

UBS Group raised their price objective on Freeport-McMoRan from £41.00 to £54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a £59.00 target price for the company in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from £52.00 to £51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th.

Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of £52.93.

Get Our Latest Stock Report on Freeport-McMoRan [3]

Insider Buying and Selling

In other Freeport-McMoRan news, CEO Richard C. Adkerson [4] sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th.

The shares were sold at an average price of £50.56, for a total value of £8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately £187,438,509.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website [5].

In related news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of £51.99, for a total transaction of £2,859,450.00.

Following the completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately £8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website [6]. Also, CEO Richard C.

Adkerson sold 169,229 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of £50.56, for a total transaction of £8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately £187,438,509.44.

The disclosure for this sale can be found here [7]. Over the last ninety days, insiders sold 445,667 shares of company stock worth £22,755,070. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Trading Down 0.4 %

FCX [8] opened at £51.28 on Friday.

The firm has a market capitalization of £73.66 billion, a price-to-earnings ratio of 45.38, a price-to-earnings-growth ratio of 2.17 and a beta of 1.92. The company’s 50 day simple moving average is £50.77 and its two-hundred day simple moving average is £45.73. Freeport-McMoRan Inc. has a 1-year low of £32.83 and a 1-year high of £55.24.

The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan (NYSE:FCX [9] – Get Free Report [10]) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported £0.32 EPS for the quarter, topping analysts’ consensus estimates of £0.27 by £0.05.

The firm had revenue of £6.32 billion for the quarter, compared to the consensus estimate of £5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s revenue was up 17.3% compared to the same quarter last year.

During the same quarter last year, the business posted £0.52 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a £0.15 dividend.

This represents a £0.60 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

(Free Report [11])

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company’s assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.